'Safe haven' Co-op sees retail savings rise 40%

The Co-operative Bank has become one of the few winners from the financial crisis with its retail savings up by 40% over the past 12 months. Figures released by the bank today show the amount held in deposits has increased from £2.7bn to £3.8bn as customers have seen it as a safe haven in turbulent times. "This huge growth is not simply down to offering good rates. It confirms that trust has become a major influence to consumers when it comes to looking for a safe place for their savings," said Dick Parkhouse, managing director of its retail arm. Terry Macalister

Barclays braced for fury over fundraising scheme

Barclays boss John Varley is braced for a gruelling shareholder meeting today when investors will be asked to back its £7bn fundraising plan. The bank needs the backing of 75% of shareholders to push through funds from investors in the Middle East. Barclays has ignored pre-emption rights, the principle that existing investors should be offered new shares before approaching outside investors. Legal and General, with a 5% holding, has made its anger clear but intends to support the plan. Barclays has made £500m of stock available to existing shareholders to quell a rebellion.David Teather

Davies plans high street comeback after M&S split

George Davies, the fashion entrepreneur who recently quit as chairman of the Per Una brand he built for Marks & Spencer, is setting up a new mid-market business. Davies plans to open stores aimed at over 25s in eight cities from next year despite the high street slowdown. The 67-year-old Davies, who also launched the Next label and the George brand for Asda, leaves M&S next month with his daughter Melanie, who ran the Per Una label. "People say, because of the economy, it is not the time to do anything. But now is the time to do things," Davies said at the weekend. Terry Macalister